The headquarters for First Commonwealth Financial Corp. in Indiana, Pa.

First Commonwealth Bank will plug a small gap in the Canton market that Huntington Bancshares Inc. is yielding as a result of its acquisition of FirstMerit Corp.

First Commonwealth Financial Corp. (NYSE: FCF), the Indiana, Pa.-based parent company of First Commonwealth Bank, has signed an agreement to purchase the 13 bank branches being divested collectively by Huntington and FirstMerit, according to a company filing. The acquisition will mark First Commonwealth’s first depository presence in Northeast Ohio and underscores the company’s strategy for growth here. The deal is expected to be finalized in the fourth quarter. The U.S. Department of Justice has required the shedding of those branches in order to break up market control and resolve antitrust issues ahead of the Huntington and FirstMerit merger slated for consummation in the third quarter. First Commonwealth’s branch acquisition will instantly place it third — FirstMerit will dissolve into Huntington, which will be at the top, followed by JPMorgan Chase Bank — in terms of deposit market share in Canton when the deal is finalized. That, of course, is contingent on the Huntington and FirstMerit merger going through as expected. The 13 branches, 11 in Canton and two in Ashtabula, comprise $735 million in deposits and $115 million of retail and business loans. The network also includes about 34,000 retail and small business households, according to First Commonwealth. That provides a lot of growth opportunity, said First Commonwealth president Jane Grebenc. First Commonwealth will pay a 4.5% premium on deposits acquired at close, according to the company. The cash received is intended to be used to repay wholesale borrowings, reducing their loan-to-deposit ratio to 100% and improving net interest margins. First Commonwealth has about $6.6 billion in total assets within a footprint centered on Northwest Pennsylvania. The company is relatively new in the Ohio market. They opened a Cleveland commercial loan production office in February 2014 and a mortgage loan office in Stow earlier this year. The bank also operates a mortgage loan office in Dublin and acquired First Community Bank in October 2015, adding $100 million in assets at the time and four offices in central Ohio. Before that, they were doing some lending in central Ohio out of a Pittsburgh office. “We did a fair amount of lending without any brick and mortar,” Grebenc said. “We thought it was time to start investing in infrastructure.” Naturally, acquiring those branches provides an opportunity to complement lending efforts. “You can’t really have a full banking relationship without some branching,” Grebenc said. “But we also don’t believe we need 100s of branches.” The bank restarted its residential mortgage business in 2014 and sees “nice mortgage markets” in Northeast Ohio, Grebenc said. The branches comprise more than 70 employees, all of whom will be encouraged to stay, Grebenc said. As far as other Ohio plans, First Commonwealth CFO Jim Reske said the bank has an active M&A strategy in both Ohio and Pennsylvania. “Since the acquisition in Columbus, I think other banks in that area, as they look around, they can see us as a potential buyer now,” Reske said. “Financially, it’s great for the bank,” Reske added. “We’re growing loans at a good clip. And we want to fund loan growth with deposits. This fits nicely with our balance sheet.” With the acquisition, the bank’s Ohio franchise will compose 107 employees, $680 million in loans, $827 million in deposits and 17 branches, according to a company filing.